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ARLINGTON, VA-Ownership of the Gallery at Virginia Square, a 231-unit luxury apartment building, has changed hands in a recent deal valued at $60 million. Archstone-Smith acquired the 19-story tower from DEL/Virginia Square LLC, bringing its total collection of high-rise apartment units in the Ballston submarket to more than 2,500. According to Arlington County records, the property has a current assessed value of $43.2 million.

Occupying a convenient and coveted location right above the Virginia Square Metro station on Nelson Street, the Gallery at Virginia Square includes such features as 7,150 sf of ground-level retail space and a three-story underground parking structure. The property’s amenities also include a rooftop swimming pool, entertainment room and an exercise facility.

“The greater Washington, DC metropolitan area epitomizes our strategy to invest in markets with excellent growth prospects, close to where our customers want to work and shop,” says Archstone-Smith chairman and CEO R. Scot Sellers. “We will continue to pursue investment opportunities here.”

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